In the larger crypto world, the collapse of algorithmic Terra USD has led to numerous failures and distortions. For the majority of platform-based projects, the result could only be imagined better.
The demise of the stablecoin directly affected numerous projects. Some businesses, like Celsius Network, which promised a stablecoin with a yearly interest rate of 18%, are battling insolvency.
Some observers claim that a single initiative in the cryptocurrency industry has caused the worst wealth devastation ever seen in recorded history.
By means of the de-pegging of its stablecoin, USTC, it witnessed the massive collapse of the Terra ecosystem. The native token, Luna Classic (LUNC), then had a sharp decline in value, falling from $60 to less than a cent, representing an almost 100% loss in value.
According to a recent assessment, the majority of Terra’s projects are moving toward the Polygon environment. Over 48 cryptocurrency projects that were originally part of the defunct Terra Network are reportedly taking steps to revive themselves.
The CEO of Polygon Studios, Ryan Wyatt, has expressed delight about the projects joining his network. The CEO praised the capacity of the Polygon ecosystem to accommodate the additional features in his Saturday tweet.
He emphasized that his network benefits from the Terra Developer Fund, which includes millions of dollars from Polygon. He claims that the financing offers the onboarding projects from the destroyed Terra a desirable advantage.
Moving Terra Projects To Polygon
OnePlanet NFT marketplace and Derby Stars P2E game are two significant projects that are moving to the Polygon Network. The onboarding list also includes the Lunaverse (LUV) metaverse platform.
OnePlanet played a significant part in guiding other NFT projects through the Polygon changeover. The platform has been utilizing Ark*One’s initiative to make it easier for Terra’s other NFT projects to engage with users smoothly.
OnePlanet commented on the use of its Ark*One program in a blog post published on its official website on Saturday. It claimed to have helped as many as 48 NFT projects and 90 NFT collections move to Polygon.
The NFT company said that a larger percentage of Terra projects are assisted. It also mentioned that some of those initiatives had not been started on One Planet prior to Terra’s demise.
Since June 15, it appears that support for Ark*One in favor of other projects has decreased. However, the team behind it has announced that it will continue to help any projects that choose to move to Polygon. Additionally, it would continue to support the migration process with its launchpad.
Terra Network recently changed its name to Terra Classic, using the LUNC ticker for its native cryptocurrency. However, given the current unfavorable cryptocurrency trend, little attention has been paid to the new token.
With the numerous changes to its network, Polygon appears to be gaining the upper hand over VeChain in snaring Terra projects. On its L-1 environment, the latter has a few initiatives, though.